GACO swings to SAR 370,000 loss in 9M 2021

09/11/2021 Argaam Exclusive

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Al Gassim Investment Holding Co. (GACO) swung to a net loss after Zakat and tax of SAR 370,000 for the first nine months of 2021 from a net profit of SAR 964,000 in the year-earlier period.

The company attributed its losses to higher general and administrative expenses, and the value of provisions made.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	8.70	8.55	(1.7 %)
Gross Income	7.50	7.22	(3.7 %)
Operating Income	3.84	(0.06)	(101.6 %)
Net Income	0.96	(0.37)	(138.4 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.03	(0.01)	(138.4 %)

GACO narrowed net loss after Zakat and tax to SAR 52,000 in Q3 2021, compared to a loss of SAR 280,000 in Q3 2020, mainly due to the decrease in the value of the Zakat provisions.

The firm posted a net loss of SAR 290,000 in Q2 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	2.96	2.92	(1.3 %)
Gross Income	2.56	2.48	(3.1 %)
Operating Income	1.57	0.38	(75.8 %)
Net Income	(0.28)	(0.05)	81.6 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.01)	0.00	81.6 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	2.82	2.92	3.5 %
Gross Income	2.38	2.48	4.1 %
Operating Income	(0.19)	0.38	299.5 %
Net Income	(0.29)	(0.05)	82.3 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.01)	0.00	82.3 %

Shareholders’ equity, after minority interest, decreased to SAR 288.37 million as of Sept. 30, 2021, from SAR 296.14 million a year earlier.

Accumulated losses stood at SAR 12.08 million at the end of 9M 2021, accounting for 4.03% of total capital.

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